Top Crypto Tokens Drop After US Fed Meeting Minutes Spook Traders
Bitcoin and other major cryptocurrencies experienced a sharp decline on Thursday following the release of the US Fed minutes of meeting, which spooked traders around the world. The minutes indicated a potential for more rate hikes by the US central bank if necessary, dampening sentiment in the market.
Bitcoin, the largest cryptocurrency, dropped as much as 2% to fall below the $29,000 mark once again. Ethereum, another major token, also saw a 2% decrease, slipping below the $1,800 level amidst the latest weakness. Other major altcoins also experienced downward movement in their price action.
Bitcoin is currently trading above the $28,500 mark, possibly due to the declining value of the Russian Rouble and Argentina’s Peso in relation to the US Dollar. Meanwhile, Ethereum has deviated from its usual trading range of $1,800 to $1,900, now positioning itself just below the $1,800 threshold, according to Edul Patel, Co-Founder & CEO at Mudrex.
The entire top cryptocurrency market saw lower trading on Thursday, with Shiba Inu crashing more than 8%, Litecoin dropping over 5%, and Dogecoin tumbling 4%. Other tokens like Toncoin, XRP, and BNB also experienced decreases of 3%, while Solana was down 2% in the early trading session. The global cryptocurrency market cap fell to $1.14 trillion, a nearly 2% decrease in the last 24 hours, despite total trading volumes increasing by over 19% to $36.82 billion.
Tech View by WazirX Trade Desk
THORChain (RUNE) is a decentralized liquidity protocol allowing users to exchange cryptocurrency assets across various networks without losing full custody of their assets. Currently ranked #68 with a market capitalization of $518 million, the current market price of the token stands at 1.5 USDT.
The RUNE/USDT price has broken out of the descending channel pattern with significant volume on a daily timeframe, gaining 45% in the last week. Analysts expect the next resistance at 1.7 USDT, with immediate support at 1.2 USDT.
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I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
